Posts tagged 'Tim Steiner'

Ocado has the benefit of being part of growing market. Online’s share of the grocery market will nearly double from almost 4 per cent in 2013 to 7 per cent by 2018, according to IGD. “We are preparing for a massive opportunity,” says Mr Steiner.

It is an opportunity that fellow co-founder Jason Gissing has chosen to skip. Mr Gissing will step down as the group’s commercial director later this year, but will retain his 3 per cent stake in the company.

No wonder analysts have been slashing forecasts. Monday’s trading update from the internet grocer — or Waitrose distribution arm as it is also known — reveals there has been no improvement in sales in the last quarter.

For the 12 weeks to August 7, sales growth was 16.9 per cent, the same as the preceding 12 week period and lower than the year-to-date run rate of 19.5 per cent. Read more